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Raja textiles co. Which closes it's. Books on 31st march , purchased a machine on 1April 2009 for Rs50,000 on 1 October 2010 ,it purchased an additional machine for Rs 30000. The part of the machine which was purchased on 1Arpil 2009 costing Rs 10,000 was sold for Rs 3,600 on 30th september 2012 . Prepare the machine account for four year, it the depreciation is provided at the rate of 10% p.a on diminishing balance method.?
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Raja textiles co. Which closes it's. Books on 31st march , purchased a...
Machine Account for Raja Textiles Co.
Date | Particulars | Amount | Depreciation | Balance
--- | --- | --- | --- | ---
1st April 2009 | To Cash A/c | 50,000 | | 50,000
| By Machine A/c | | | 50,000
| | | |
31st March 2010 | To Depreciation A/c | | 5,000 | 45,000
| | | |
1st October 2010 | To Cash A/c | 30,000 | | 75,000
| By Machine A/c | | | 75,000
| | | |
31st March 2011 | To Depreciation A/c | | 12,000 | 63,000
| | | |
31st March 2012 | To Depreciation A/c | | 18,900 | 44,100
| | | |
30th September 2012 | To Bank A/c | 3,600 | | 47,700
| By Machine A/c | | | 47,700
| | | |
31st March 2013 | To Depreciation A/c | | 4,770 | 42,930
Explanation:
The Machine Account shows the details of the machine purchased by Raja Textiles Co. The account is prepared for four years from 1st April 2009 to 31st March 2013, as the books of accounts close on 31st March every year.
The machine was purchased on 1st April 2009 for Rs 50,000, which is debited to the Cash Account and credited to the Machine Account. The depreciation is provided on the diminishing balance method at the rate of 10% p.a. The depreciation for the first year (31st March 2010) is Rs 5,000 (i.e. 10% of Rs 50,000), which is debited to the Depreciation Account and credited to the Machine Account. The balance of the Machine Account at the end of the year is Rs 45,000.
On 1st October 2010, Raja Textiles Co. purchased an additional machine for Rs 30,000, which is debited to the Cash Account and credited to the Machine Account. The depreciation for the second year (31st March 2011) is Rs 12,000 (i.e. 10% of Rs 75,000), which is debited to the Depreciation Account and credited to the Machine Account. The balance of the Machine Account at the end of the year is Rs 63,000.
Similarly, the depreciation for the third year (31st March 2012) is Rs 18,900 (i.e. 10% of Rs 63,000), and the balance of the Machine Account at the end of the year is Rs 44,100.
On 30th September 2012, Raja Textiles Co. sold a part of the machine, which was purchased on 1st April 2009 for Rs 10,000, for Rs 3,600. The amount received is debited to the Bank Account, and the original cost of the machine is credited to the Machine Account.
The depreciation for the fourth year (31st March
Date | Particulars | Amount | Depreciation | Balance
--- | --- | --- | --- | ---
1st April 2009 | To Cash A/c | 50,000 | | 50,000
| By Machine A/c | | | 50,000
| | | |
31st March 2010 | To Depreciation A/c | | 5,000 | 45,000
| | | |
1st October 2010 | To Cash A/c | 30,000 | | 75,000
| By Machine A/c | | | 75,000
| | | |
31st March 2011 | To Depreciation A/c | | 12,000 | 63,000
| | | |
31st March 2012 | To Depreciation A/c | | 18,900 | 44,100
| | | |
30th September 2012 | To Bank A/c | 3,600 | | 47,700
| By Machine A/c | | | 47,700
| | | |
31st March 2013 | To Depreciation A/c | | 4,770 | 42,930
Explanation:
The Machine Account shows the details of the machine purchased by Raja Textiles Co. The account is prepared for four years from 1st April 2009 to 31st March 2013, as the books of accounts close on 31st March every year.
The machine was purchased on 1st April 2009 for Rs 50,000, which is debited to the Cash Account and credited to the Machine Account. The depreciation is provided on the diminishing balance method at the rate of 10% p.a. The depreciation for the first year (31st March 2010) is Rs 5,000 (i.e. 10% of Rs 50,000), which is debited to the Depreciation Account and credited to the Machine Account. The balance of the Machine Account at the end of the year is Rs 45,000.
On 1st October 2010, Raja Textiles Co. purchased an additional machine for Rs 30,000, which is debited to the Cash Account and credited to the Machine Account. The depreciation for the second year (31st March 2011) is Rs 12,000 (i.e. 10% of Rs 75,000), which is debited to the Depreciation Account and credited to the Machine Account. The balance of the Machine Account at the end of the year is Rs 63,000.
Similarly, the depreciation for the third year (31st March 2012) is Rs 18,900 (i.e. 10% of Rs 63,000), and the balance of the Machine Account at the end of the year is Rs 44,100.
On 30th September 2012, Raja Textiles Co. sold a part of the machine, which was purchased on 1st April 2009 for Rs 10,000, for Rs 3,600. The amount received is debited to the Bank Account, and the original cost of the machine is credited to the Machine Account.
The depreciation for the fourth year (31st March
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Raja textiles co. Which closes it's. Books on 31st march , purchased a machine on 1April 2009 for Rs50,000 on 1 October 2010 ,it purchased an additional machine for Rs 30000. The part of the machine which was purchased on 1Arpil 2009 costing Rs 10,000 was sold for Rs 3,600 on 30th september 2012 . Prepare the machine account for four year, it the depreciation is provided at the rate of 10% p.a on diminishing balance method.?
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Raja textiles co. Which closes it's. Books on 31st march , purchased a machine on 1April 2009 for Rs50,000 on 1 October 2010 ,it purchased an additional machine for Rs 30000. The part of the machine which was purchased on 1Arpil 2009 costing Rs 10,000 was sold for Rs 3,600 on 30th september 2012 . Prepare the machine account for four year, it the depreciation is provided at the rate of 10% p.a on diminishing balance method.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Raja textiles co. Which closes it's. Books on 31st march , purchased a machine on 1April 2009 for Rs50,000 on 1 October 2010 ,it purchased an additional machine for Rs 30000. The part of the machine which was purchased on 1Arpil 2009 costing Rs 10,000 was sold for Rs 3,600 on 30th september 2012 . Prepare the machine account for four year, it the depreciation is provided at the rate of 10% p.a on diminishing balance method.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raja textiles co. Which closes it's. Books on 31st march , purchased a machine on 1April 2009 for Rs50,000 on 1 October 2010 ,it purchased an additional machine for Rs 30000. The part of the machine which was purchased on 1Arpil 2009 costing Rs 10,000 was sold for Rs 3,600 on 30th september 2012 . Prepare the machine account for four year, it the depreciation is provided at the rate of 10% p.a on diminishing balance method.?.
Raja textiles co. Which closes it's. Books on 31st march , purchased a machine on 1April 2009 for Rs50,000 on 1 October 2010 ,it purchased an additional machine for Rs 30000. The part of the machine which was purchased on 1Arpil 2009 costing Rs 10,000 was sold for Rs 3,600 on 30th september 2012 . Prepare the machine account for four year, it the depreciation is provided at the rate of 10% p.a on diminishing balance method.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Raja textiles co. Which closes it's. Books on 31st march , purchased a machine on 1April 2009 for Rs50,000 on 1 October 2010 ,it purchased an additional machine for Rs 30000. The part of the machine which was purchased on 1Arpil 2009 costing Rs 10,000 was sold for Rs 3,600 on 30th september 2012 . Prepare the machine account for four year, it the depreciation is provided at the rate of 10% p.a on diminishing balance method.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Raja textiles co. Which closes it's. Books on 31st march , purchased a machine on 1April 2009 for Rs50,000 on 1 October 2010 ,it purchased an additional machine for Rs 30000. The part of the machine which was purchased on 1Arpil 2009 costing Rs 10,000 was sold for Rs 3,600 on 30th september 2012 . Prepare the machine account for four year, it the depreciation is provided at the rate of 10% p.a on diminishing balance method.?.
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